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Long-Term Debt
 12 Months Ended
Dec. 31, 2012
Long-Term Debt

6. Long-Term Debt

Long-term debt consists of the following:

 

     December 31,  
     2012      2011  
     (In thousands)  

Bank financing

    $         —        $         —    

Equipment financing agreements

      —          57   
  

 

 

     

 

 

  
     —          57   

Less current portion

      —          (57 ) 
  

 

 

     

 

 

  

Total

    $ —         $ —     
  

 

 

     

 

 

  

Dril-Quip (Europe) Limited had a term credit agreement with the Bank of Scotland dated March 21, 2001 in the original amount of British pounds sterling 4.0 million (approximately USD6.4 million at March 2011). Borrowing under this facility bore interest at the Bank of Scotland base rate plus 1%, and was repayable in 120 equal monthly installments from the date of the initial drawdown (April 2001), plus interest. Substantially all of this facility was used to finance capital expenditures in Norway. The final payment was made in April 2011 and this credit facility was discharged.

Interest paid on long-term debt for the years ended December 31, 2012, 2011 and 2010 was $-0-, $1,000 and $8,500 respectively.